As the benefits of digital transformation in business continue to be realised, budgets and resources being allocated to this area are rocketing.
With more and more digital solutions disrupting the market, and with an increasingly tech-savvy workforce and generation of consumers, a successful move to digital is more achievable, arguably more necessary, than ever before.
Opportunities for direct and scalable growth are among the key drivers for such digital change, as well as enabling a company to successfully compete in the marketplace. Businesses are using digitalisation to build cultures of innovation in their workplaces, in turn enhancing the customer experience. PWC’s ten years of Digital IQ surveys show that a commitment to creating better customer experiences results in stronger financial performance.
The consumer of today is less loyal and more discerning, constantly on the lookout for faster and more efficient ways of consuming products and services. Customer expectations are high and businesses must continuously work hard to exceed them, or risk being left behind.
Historically, digital transformation activities have been led by IT teams and digitally articulate members of staff. In recent years, however, those in c-level and executive suite roles have taken more of a lead on a company’s digital transformation journey, with their wider understanding of a business’s complexities and long-term goals allowing them to make more informed decisions. “Addressing the skills gap starts at the top. Company leaders must understand and engage with digital technology to determine how it could help or hurt their business.“
With cultural resistance to change identified as a problem for many businesses, a leader with a broader remit is key to tackling this issue. Research from Deloitte shows that 51% of companies are currently redesigning their organisations with digital business models in mind.
51% of companies are currently redesigning their organisations with digital business models in mind.
Deloitte’s Digital Enablement Insights
As with all business processes, demonstrating a return on investment is key when justifying why a change has been made. Many businesses still highlight this as a significant difficulty, however.
Typically, a business will believe it is much further down the digital transformation road than it actually is. The reality is that there is often much more to be done. Systematic reviews throughout the journey to becoming a digital-led organisation are key, working with a dedicated internal team of digital champions.
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